However, the finance taskforce "will be calling on the G20 to ensure that the post-crisis regulation in financial markets does not impede legitimate business activity".

"I'm not pre-empting things by saying the taskforce want the G20 to pause, take stock and align global regulation," Mr Smith said.

He said the financial services sector had lost much trust during the GFC, and relationships with governments, particularly in Europe, were adversely affected.

However, the issue was "not just about banks", he said.

"It's one thing for a bank to complain about regulation, it's another thing for a corporate to say 'look I'm not able to get finance because of this regulation that's being imposed on the banks'," he said.

The B20 comprises heads of business from countries that make up the G20 - including China, the United States, the United Kingdom, Germany, Canada and France.